AVAYA INVESTOR ALERT

A month later, on July 28, 2022, Avaya announced its board fired CEO James M. Chirico, Jr. The company also announced disastrous preliminary Q3 2022 financial results that included expected revenues and adjusted EBITDA well below previously given guidance and an unquantified but "significant" impairment charge. In addition, the company withdrew its 2022 guidance. This news sent the price of Avaya shares crashing 57% lower the next day.

Then, on Aug. 9, 2022, Avaya announced: (1) it determined there is substantial doubt about its ability to continue as a going concern; (2) it would not timely file its financial statements for the quarter ended June 30, 2022; (3) its Audit Committee commenced internal investigations into circumstances surrounding the company's financial results for the quarter; and, (4) the Committee also commenced an investigation into matters raised by a whistleblower. This news sent the price of Avaya shares crashing 45% lower that day.

Most recently, on Nov. 30, 2022, Avaya announced it would not timely file its financial statements for its fiscal year ended Sept. 30, 2022, revealed that its internal investigation is continuing, and admitted that it did not appropriately log the whistleblower's email received by a member of its Board of Directors and did not convey its existence to management or to its outside auditor.

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